ISLAMABAD, Oct 24: The Islamic Development Bank (IDB) has decided to extend a $50 million humanitarian assistance for Afghanistan.

Dr Ahmad Mohamed Ali, President of Islamic Development Bank told Finance Minister Shaukat Aziz during the 26th Annual meeting of Board of Governors of Islamic Development Bank in Algiers on Tuesday that the bank will offer a US $50 million humanitarian assistance for Afghanistan out of which US $10 million will be in the form of grant and remaining US $40 million interest free loan for reconstruction of Afghanistan.

According to a handout of the minsitry of finance, Mr Aziz also signed two agreements with the President of Islamic Development Bank amounting to US $24.75 million out of which US $14.3 million will be for the purchase of wagons and rescue cranes for use in the Railway Development Project in Pakistan and US $10.45 million will be utilised for purchase of equipment and rails for use in the Railway Development Project in Pakistan.

The signing ceremony was attended by senior members of the Islamic Development Bank and the Secretary, Economic Affairs Division, and Ambassador of Pakistan to Algeria.

The President of the IDB stated that Pakistan is the major partner for the Islamic Development Bank. The finance minister appreciated the support of the Islamic Development Bank.